Latest news with #AngeloMastrolia
Yahoo
5 days ago
- Business
- Yahoo
Carrefour sells Italian supermarkets to NewPrinces for €1 billion
Carrefour supermarkets in Italy will soon be in the hands of Italian food multinational NewPrinces Spa, who announced the roughly one billion euro purchase on Thursday. The NewPrinces group owns the Plasmon, Centrale del Latte, Giglio, Polenghi Lombardo and Delverde food manufacturing brands, among others. The acquisition of approximately one thousand shops now requires authorisation from the relevant authorities, with a view to closing by the end of the year with Carrefour Nederland Bv and Carrefour Sa. With this transaction, the Reggio Emilia-based company reaches a potential turnover of 11 billion euros, becoming the second-largest Italian group in the food sector by turnover and the largest operator in terms of employment, with 13,000 employees in Italy and more than 18,000 worldwide, as well as 11,000 in related industries. "The acquisition of Carrefour Italia represents a fundamental step in the growth trajectory of our Group," said NewPrinces Group Chairman Angelo Mastrolia, "with this operation, we take a decisive step towards vertical integration between production and distribution, strengthening our ability to generate value along the entire supply chain." NewPrinces may decide to relaunch the Gs supermarket brand and rename the stores after three years. The food retailer was founded in Italy in the 1960s and was replaced by Carrefour stores in 2010. Related Approved: Paramount's $8 billion deal with Skydance can go ahead Exclusive: Chinese electric carmaker Zeekr eyes pan-European growth despite tariffs, acting CEO says Unrest proclaimed among Carrefour workers After the news of the takeover, the trade unions Filcams CGIL, Fisascat Cisl and Uiltucs declared a state of strike due to Carrefour Italy's failure to respond regarding the workers' prospects. The unions have asked for a meeting at the Ministry of Enterprise and Made in Italy to 'review the recovery plan', which is expected to include brand and development investments totalling more than €400 million between the seller and buyer. Minister Adolfo Urso expressed his "appreciation for an operation that strengthens Made in Italy," confirming that he will soon meet both Mastrolia and the unions. The French newspaper Les Echos commented on the news, writing that Carrefour 'removes a thorn from its foot', as its Italian operations were recording annual losses of €180 million. Carrefour president, Alexandre Bompard, assured the newspaper that he was leaving "Carrefour Italy in good financial condition."
Reuters
5 days ago
- Business
- Reuters
Explainer: How did NewPrinces grow from a small milk business to buying Carrefour Italy
MILAN, July 25 (Reuters) - Carrefour ( opens new tab, Europe's biggest food retailer, has agreed to sell its Italian business to local company NewPrinces. NewPrinces, formerly known as Newlat, manufactures products such as pasta, milk, bakery and dairy products, and canned foods. They are sold under NewPrinces' own brands, such as Giglio and Delverde, or produced for third parties and the private label market. Its main markets are the United Kingdom, Italy and Germany. The company was founded by Italian entrepreneur Angelo Mastrolia, who started out with a small milk business in the southern city of Salerno. It has grown mainly through acquisitions, often buying troubled assets from large multinational groups. The initial jump in size came with the acquisition of Newlat from bankrupt Italian food and dairy group Parmalat for a token 1 euro. In 2019 it listed in Milan. Less than a year later it bought Italian dairy group Centrale del Latte d'Italia. The next big jump was last year's acquisition of UK food company Princes from Mitsubishi for 700 million pounds ($941 million), which led to a rebranding of the group as NewPrinces. Earlier this year, it reached an agreement to buy a plant in northern Italy from spirits group Diageo (DGE.L), opens new tab. This month, NewPrinces agreed to buy Kraft Heinz's Italian infant and speciality businesses, including the Plasmon brand, for an enterprise value of 120 million euros. The company has plans for more acquisitions and a potential UK listing of its food manufacturing division, though analysts have raised concerns about its debt levels and the challenges of integrating the different businesses. Angelo Mastrolia owns 75% of the company, with 10% held by Mitsubishi following the Princes deal. Angelo's son Giuseppe Mastrolia is chief executive and his daughter Benedetta is head of investor relations. The Princes acquisition lifted 2024 group revenue to 2.8 billion euros, from 793 million euros in 2023, for an adjusted core profit of 195 million euros. Carrefour Italia, which counts 1,027 stores in Italy, reported net sales of 3.74 billion euros last year, according to slides published on the NewPrinces website. NewPrinces management expects the group to surpass 7 billion euros in revenue by the end of 2026. ($1 = 0.7442 pounds)
Yahoo
5 days ago
- Business
- Yahoo
NewPrinces strikes €1bn deal to buy Carrefour stores in Italy
NewPrinces is acquiring Carrefour's operations in Italy for €1bn ($1.18bn) in a move described as "vertical integration between production and distribution". The Italy-headquartered food and drinks giant said Carrefour's store network in the country stretches across more than 1,000 sites in regions such as Piedmont, Lombardy and Liguria. Subject to regulatory approval, NewPrinces added the deal is expected to close by the end of the current third quarter. Carrefour is the latest acquisition target by NewPrinces, which was trading as Newlat Food before it acquired UK-based Princes Group last year. More recently, the company has entered an agreement to buy a clutch of baby-food brands in Italy from US heavyweight Kraft Heinz. "The acquisition of Carrefour Italia represents a significant milestone in our group's growth trajectory," Angelo Mastrolia, the chairman of NewPrinces, said in a statement. "With this transaction, we are taking a decisive step towards verticalintegration between production and distribution, strengthening our ability to create value along the entire supply chain." Mastrolia added: "We have made the bold decision to invest in a strategic asset for Italy, with the aim of relaunching a widespread retail network and maximising synergies between industry and distribution. "Our ambition is clear: to build a sustainable, solid and long-term model that can offer concrete benefits to customers, employees, suppliers and shareholders alike." As part of the transaction, NewPrinces said Carrefour has committed to reinvest €237.5m in its Italian stores in a "one-off contribution" to support the retailer's "industrial relaunch and operational continuity". Meanwhile, NewPrinces has pledged €200m to invest in "development initiatives, logistics innovation and brand renewal". Carrefour acknowledged the agreement with the Italian group in its full year 2025 results yesterday (24 July). The retailer said its stores in Italy had gone through a "recovery" period from 2020 to 2022 but sales then declined last year. The same year, Carrefour Italia booked a €67m loss in recurring operating income and had negative free cash flow of €180m. "This operation covers all of Carrefour's activities in Italy. It will allow Carrefour to refocus on its key markets in Europe and Latin America," the France-based retailer said. With the deal, the owner of the Princes, Napolina and Delverde brands said it aims to 'optimise synergies' between production and distribution and 'enhance' its brand portfolio. NewPrinces also hopes to 'develop new omnichannel platforms' for the sale and delivery of fresh and packaged products and 'strengthen' its position in 'key' European markets. The company added that the Carrefour stores in Italy generated around €3.7bn in sales last year and EBITDA of €115m. Post the transaction, the pro-forma consolidated turnover of the food and drinks group will reach circa €6.9bn, it said. In the first quarter of 2025, NewPrinces generated revenues of €672.2m, a dip from the €699.9m made in the corresponding period of 2024. EBIT stood at €28.9m, against €5.9m a year earlier. NewPrinces booked a first-quarter net profit of €13.5m, versus a loss of €2.2m the year previous. Aside from the agreement with Carrefour, NewPrinces is reportedly considering floating the UK Princes unit on the London market in October. "NewPrinces strikes €1bn deal to buy Carrefour stores in Italy " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Euronews
5 days ago
- Business
- Euronews
Carrefour sells Italian supermarkets to NewPrinces for €1 billion
Carrefour supermarkets in Italy will soon be in the hands of Italian food multinational NewPrinces Spa, who announced the roughly one billion euro purchase on Thursday. The NewPrinces group owns the Plasmon, Centrale del Latte, Giglio, Polenghi Lombardo and Delverde food manufacturing brands, among others. The acquisition of approximately one thousand shops now requires authorisation from the relevant authorities, with a view to closing by the end of the year with Carrefour Nederland Bv and Carrefour Sa. With this transaction, the Reggio Emilia-based company reaches a potential turnover of 11 billion euros, becoming the second-largest Italian group in the food sector by turnover and the largest operator in terms of employment, with 13,000 employees in Italy and more than 18,000 worldwide, as well as 11,000 in related industries. "The acquisition of Carrefour Italia represents a fundamental step in the growth trajectory of our Group," said NewPrinces Group Chairman Angelo Mastrolia, "with this operation, we take a decisive step towards vertical integration between production and distribution, strengthening our ability to generate value along the entire supply chain." NewPrinces may decide to relaunch the Gs supermarket brand and rename the stores after three years. The food retailer was founded in Italy in the 1960s and was replaced by Carrefour stores in 2010. Unrest proclaimed among Carrefour workers After the news of the takeover, the trade unions Filcams CGIL, Fisascat Cisl and Uiltucs declared a state of strike due to Carrefour Italy's failure to respond regarding the workers' prospects. The unions have asked for a meeting at the Ministry of Enterprise and Made in Italy to 'review the recovery plan', which is expected to include brand and development investments totalling more than €400 million between the seller and buyer. Minister Adolfo Urso expressed his "appreciation for an operation that strengthens Made in Italy," confirming that he will soon meet both Mastrolia and the unions. The French newspaper Les Echos commented on the news, writing that Carrefour 'removes a thorn from its foot', as its Italian operations were recording annual losses of €180 million. Carrefour president, Alexandre Bompard, assured the newspaper that he was leaving "Carrefour Italy in good financial condition."
Yahoo
22-07-2025
- Business
- Yahoo
NewPrinces ‘eyes October listing in London for Princes'
Italian food-and-drinks group NewPrinces is reportedly looking to float its UK unit Princes in London in October. NewPrinces CEO Angelo Mastrolia told the Italian daily Corriere della Sera the company was eyeing a listing in the middle of the month. 'The stock market is a great opportunity. For us, listing has been strategic at every stage of our growth,' Mastrolia was quoted as saying. The then Newlat Food snapped up UK food-and-drinks supplier Princes from Japan's Mitsubishi Corp. in May last year for £700m (then $893.6m). After the deal, the company renamed itself NewPrinces. If the Princes arm is floated, it will be the third element of the business to be listed after NewPrinces itself and Italian dairy arm Centrale del Latte d'Italia. Earlier this month, NewPrinces announced a deal to buy Kraft Heinz's Italian baby-food business. Under the terms of the transaction, NewPrinces is paying €120m ($140m) for assets including five brands: Plasmon, Nipiol and Dieterba infant food; plus gluten-free brand Biaglut and low-protein products sold under the Aproten brand. In May, the company acquired a Diageo drinks plant in Italy that had been earmarked for closure. Mastrolia told Corriere della Sera NewPrinces was weighing up further acquisitions. 'We are evaluating further deals because our strategy is to reach €5bn in revenue by 2030 through external growth, targeting a net profit of €100m,' Mastrolia was quoted as saying. In the first quarter of 2025, NewPrinces generated revenues of €672.2m, a dip from the €699.9m made in the corresponding period of 2024. EBIT stood at €28.9m, against €5.9m a year earlier. NewPrinces booked a first-quarter net profit of €13.5m, versus a loss of €2.2m the year previous. In March, the then Newlat Food booked accounts for 2024 that included results from Princes if the UK group had joined the fold at the start of the year. On that basis, the companies' combined consolidated revenues stood at €2.8bn. Mastrolia also confirmed the Italian group had bought the Royal Liver Building in Liverpool in which Princes had leased office space. "NewPrinces 'eyes October listing in London for Princes'" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
